FOAM launched a decentralized world map …

FOAM launched a decentralized world map on the Ethereum blockchain

Blockchain project FOAM, which aims to create a secure and unauthorized map of the world using smart contracts technology, announced this Thursday that its decentralized application has been launched on the Ethereum network and is already “meeting the first users filling out the map.”.

In June, FOAM co-founder and CEO Ryan John King explained what prompted him to create the service: “People think location is a fixed problem.” However, according to King, centralized mapping services such as GPS are vulnerable and unreliable..

The FOAM solution is designed to transfer the function of mapping the terrain to a distributed network of users who register points on the FOAM map using a cryptographic method called proof of location (English – proof of location). FOAM can be used to implement several scenarios in the real world, from games to supply chain management.

Users are motivated to fill the card with new points using their own system token, the sale of which ended in August and helped the company raise $ 16.5 million. Tokens are also used in a quality control mechanism that allows users to confirm or deny the correctness of recently added points.

FOAM launched a decentralized world map ...

Blue dots, which correspond to newly added but not yet confirmed locations, have already started appearing on the map in places like New York and Berlin. According to FOAM, in the first 24 hours after launching the application, more than 500 “objects of high interest” were added by users.

It is worth noting that FOAM holders must first use their tokens to place at least 10 points on the map. Otherwise, they will not be able to withdraw tokens from the system. However, even if they fulfill this requirement, they will have to wait 45 days from the moment the protocol was launched before disposing of the tokens on their own. This is done so that users use tokens for their intended purpose, and not turn them into an object of speculation..

Similar articles